CANNABIS NEWS--- CGRA GROWERS CGrowth Capital, Inc. Signs Letter of Intent with Tier 3 Cannabis Producer/Processor in Washington State
SILVERDALE, WA / ACCESSWIRE / April 23, 2015 / CGrowth Capital, Inc. (OTC Pink: CGRA) (the "Company") is pleased to announce the execution of a Letter of Intent (LOI) with Wildfire Cannabis Company, LLC to lease a portion of our properties in Chewelah, Washington. Wildfire Cannabis Company, LLC holds a Tier 3 Producer / Processor License in Washington State.
"We are truly excited about the new business opportunities presenting themselves to our Company and its shareholders under the laws and regulations provided by Initiative-502 in the state of Washington," stated Bill Wright, CEO of CGrowth Capital, Inc. "The guidelines provided by I-502 enable our company to extend leases to legally operating cannabis producers, processors, and retailers within Washington."
Mr. Wright continued, "We view corporations like Wildfire Cannabis Company as some of the highest value tenants currently available in the state. By restructuring the leases on our properties, and extending them to legally operating cannabis companies, we believe we can maximize lease rates, profits, and in turn shareholder value. As a newly budding industry, the Company's vision within the cannabis market space is to position our current and future real estate holdings in such a way as to take full advantage of highest and best use of our assets within this industry, and to provide for leadership in this emerging market. The Company views this as an incredible opportunity going forward, and an exciting first step toward potentially repurposing other available assets within the Company."
As a licenced Tier 3 marijuana producer and licenced processor, Wildfire Cannabis Company is currently qualified to manage between 10,000 square feet to 30,000 square feet of marijuana plant production, as well as additional processing within Washington State (the largest available license). A marijuana producer license allows the licensee to produce, harvest, trim, dry, cure, and package marijuana into lots for sale at wholesale to marijuana processor licensees and to other marijuana producer licensees. A marijuana producer can also produce and sell marijuana plants, seeds, and plant tissue culture to other marijuana producer licensees. Furthermore, as a marijuana processor license holder, Wildfire Cannabis Company is also allowed to process, package, and label usable marijuana and marijuana-infused products for sale at wholesale to marijuana retailers throughout the state, including Company properties. The lease is contingent on Wildfire Cannabis Company obtaining complete legal funding, and on Washington State approval of the final business plan.
